As July 4th nears, all signs point to another busy summer for North Fork real estate. The rental season has been steady and sales are brisk. Under $800,000 is the most active market. Prices are rising, while inventory is low and new construction is selling very quickly. There is also increasing interest in land. Greenport is always hot as are homes in beach communities. The North Fork continues to attract people to its picturesque villages, tranquil shores, charming vineyards, and idyllic farmlands.
Judi Desiderio of Town & Country Real Estate says, “Rentals on our North Fork have been slower than usual but I attribute that to the brisk sales market! Sales have never been busier! Most active is under $800,000! In the segments of the market where supply is weak the prices are going up – if the supply outweighs the demand, the reverse prevails. Inventory is sorely lacking below the median home sales price of $500K-$600K and it’s a bit top-heavy over $2M for current demand. The level of construction on the North Fork has been getting more progressive.” Judi advises, “Buckle in for Hamptons traffic as our sweet and savory North Fork becomes more and more popular.”
Kristen Rishe of North Fork Real Estate Inc. says, “Rentals started out very strong for the season, but seemed to have quieted down. The biggest demand was for houses with pools. 2018 has been very busy in sales. Houses that are in great condition are in high demand. Greenport’s market continues to amaze me. The prices are definitely on the rise. Inventory is low. Now is a good time to sell. Builders are looking for vacant lots to build spec houses which will help with the inventory.” Kristen says, “I am excited about the summer. There seems to be a lot of people out and about already this season so the summer could be record breaking.”
Thomas Uhlinger of Douglas Elliman Real Estate says, “I’ve had fewer rental inquires than in past years and am seeing price adjustments. Sales continue to be active. Up to $700,000 is where the majority of inquiries are coming from. Greenport is still alive and well, listings don’t last long. Homes in communities near beaches are also hot. I feel the North Fork is undervalued and we will continue to see price increase. Inventory numbers are up over the last few months. There is a definitive up-tick in building permits.” Tom observes, “Summer is typically slower but since the spring was so cool, we will still be very active. We’ll soon be gearing up for the fall selling season.”
Dolores Peterson of Colony Realty says, “The rental season has been very hot, with not enough rentals to accommodate everyone. Sales have been fine, but there is a slowing down trend recently. The mid to lower priced homes are the most active, also farmland is in demand. Prices are at a high, but are slowly coming down. Inventory is very low. Riverhead has the most inventory, with a variety of properties such as farms, condos, new built homes and low to high priced homes, including waterfronts. Aquebogue and South Jamesport have the least inventory. New construction seems to be selling very quickly.” Dolores remarks, “Summer is very close and the real estate season usually tapers off this time of year.”
Marianne Collins of Brown Harris Stevens says, “Rentals this year have been strong and steady; but for last-minute renters there are still some great properties available! We are seeing increasing interest in land, both buildable lots (especially near water, farms or vineyards) and agricultural parcels; builders and buyers see tremendous value compared to the Hamptons. Prices are steadily inching up, particularly at the low end, and will likely continue to do so. Inventory is tight all over the North Fork. We are seeing more new construction and it is selling superfast!” Marianne notes, “Summer is high season here, with summer visitors coming to check out our wineries, farms, restaurants, and beaches. We will be busy throughout the second half.”
Janet Markarian of Daniel Gale Sotheby’s International Realty says, “Rentals were quite busy in January, right after the New Year. That’s when some of the best opportunities were snapped up. As soon as the sun appears I expect it will pick up again. As for sales, under $1M is really moving. Quality waterfront and the upper end is moving, but it is important to be priced right. Greenport is hot and Orient always has been sought after. The further east you go the thinner the inventory. Quality waterfront – anything with a great beach and deep-water dock is popular. Also, privacy seems more important than ever.” Janet thinks, “The sun will come out and everyone will suddenly realize it’s summer.”
Sheri Winter Clarry of The Corcoran Group says, “The rental season is in swing – there are a lot more requests for short term rentals though landlords are hesitant to break up the season or the month. Sales are swift and there is a demand for inventory on the North Fork, it’s a great time to list. Every price segment is busy and every town is in favor! Pricing on the North Fork is steady. New construction is continuing to rise. There are some great projects in the works!” Sheri predicts, “great things for the summer season on the North Fork, as always!! It’s a great time to buy and a great time to sell!”
Tom Scalia of Century 21 Albertson Realty says, “The rental market remains steady but down, and sales dollars are up overall compared to this time last year, but with fewer transactions. The most active segments are the middle and higher end of the market, both showing significant increases year over year. Prices are holding in the half million and under segment, but still rising in the mid and upper segments. The North Fork is seeing some increases in new construction – as supply continues to decrease more homes will be built to satisfy increasing demand.” Tom believes, “As the popularity of the North Fork continues to grow, this summer will be one of the most active we have seen.”
Summer is a delightful time to be on the North Fork. Visit the quaint towns, enjoy winetasting and music at the splendid vineyards, savor fresh farm-to-table cuisine, and relax on the Sound and bay beaches. The North Fork has everything desirable for a vacation getaway. Now make it your ultimate dream destination.